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Blockchain Development

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The blockchain is a type of technology that makes it possible to store, process, share and manage any type of information in a publicly accessible database. In a continuous list of data records (called blocks) these are linked by means of cryptography. The beginning of any blockchain is the creation block, or rather the genesis block.

The Functional Principle Of A Blockchain

The starting point of blockchain technology is to shift the control of monetary values ??or information. Control over monetary values ??and information is decentralized. This means that the information that a bank has at its disposal is made publicly available to everyone. Here are the functional principles of blockchain:

Anonymity And Pseudonymity

For this reason, the accounts within a blockchain are anonymized. Each account has its own address, which consists of a sequence of numbers and letters. This way, while everyone can look at each account and see how much money is being transferred to the account or transferred from that account, and what the current balance looks like, the account cannot be assigned to a real person. A blockchain is usually used anonymously.

The anonymity of the users of the blockchain is removed when the public address can be assigned to a name. If this is the case, all further transactions of the person can be viewed from the public address and anonymity gives way to a weakened form - pseudonymity.

Decentralization

Furthermore, the information about individual accounts is no longer stored centrally. The blockchain, viewed as a book of accounts, is stored within a decentralized computer network. This means that many different computers around the world are connected to one another via the Internet. Each of these computers stored the entire ledger.

Transparency

If an account holder opens his blockchain on his computer and finds an amount that he doesn’t have, other account holders can automatically detect the fraud. Because they can check the account book on their computers to see whether an account holder actually has the amount in his account.

Safety

This way, fraudsters are quickly identified. Fraudsters can be identified via the decentralized network by comparing the respective blockchain versions and excluded from the network. In the same way, a bank's customers could see when their own money is being used for wrong purposes by their banker. This creates security. Anonymity, decentralization and security are three important characteristics of blockchain technology. Hyperlink InfoSystem can help you utilize blockchain technology in your projects.

Main Characteristics Of Blockchain Technology

1. Can't Be Damaged

There are several exciting features of blockchain, but among them is "immutability" which is undoubtedly one of the key features of blockchain technology. Blockchain technology works a little differently than a typical banking system. Instead of relying on centralized governance, it provides blockchain functionality through a series of nodes.

2. Decentralized Technology

The network is decentralized, which means it doesn't have any governing body or one person overseeing everything. Rather, a group of nodes maintains the network by making it decentralized.

This is one of the key features of blockchain technology that works great. Blockchain puts us in a clear position. Since the system does not require any governing bodies, we can access it directly from the Internet and store our assets in it.

3. Increased Security

Since there is no need for central authorities, no one can simply change any characteristics of the network in their favor. The use of encryption provides another layer of security for the system.

Combined with decentralization, cryptography provides users with another layer of protection. Cryptography is a fairly complex mathematical algorithm that acts as a firewall against attacks.

4. Distributed Ledgers

Usually, the public ledger provides all the information about the transaction and the participant. Everything is open, nowhere to hide. When it comes to private or federated blockchain, things are a little different. But, nevertheless, in these cases, many people can see what is really going on in the ledger.

5. Consensus

Every blockchain thrives on consensus algorithms. The architecture is intelligently designed and consensus algorithms are at the heart of this architecture. Each blockchain has a consensus to help the network make decisions.

6. Faster Settlement

Traditional banking systems are quite slow. Sometimes it may take several days for a transaction to be processed after all settlements are completed. They can also be damaged quite easily. Blockchain offers faster settlement compared to traditional banking systems. Thus, the user can transfer money relatively faster, which saves a lot of time in the long run.

Applications of Blockchain Technology

Insurance

Modern blockchains, in particular, offer the possibility of developing smart contracts. These are intelligent scripts that automatically initiate transactions on the blockchain. This option provides a great added value for insurance companies, as the processing of claims or insurance benefits can be addressed in an automated and secure manner.

Avoiding Money Laundering

To date, money laundering is a major problem. The blockchain can be used to eliminate this problem by transparently storing all concluded contracts on a blockchain. Through recordings, the individual transactions can also be assigned to the respective participants, and thus money laundering can be avoided.

Identity Management

Verifying a person's identity is a challenge in selected business areas. With the help of blockchain technology, however, people's identities can be identified more securely and more quickly than before. The basis for this is extensive databases that enable identification and verification. Above all, existing identification documents - driver's licenses, passports, and ID cards - could thus be digitally implemented securely. A manipulation would also be almost impossible. Loss of data would also be prevented because the data is stored decentrally.

Healthcare

A blockchain can be configured so that only selected users have access to the stored data. Nevertheless, the data can be stored in the distributed network so that the sensitive data can be stored here. In particular, personal documents such as patient files, medical reports, and the course of illness can be saved on a blockchain.

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Process We Follow

1. Requirement Gathering

We analyze the requirements with the clients to understand the functionalities to combined into the app. This process allows us to form a development plan and transform the client's thoughts into an efficient and functional app.

2. UI/UX Design

Our developers use efficient UI trends to design apps that are not only pleasant to the eye but also intuitiveness and flexible. Our applications do not only complete the needs of our clients but also are simple and convenient to the end-users.

3. Prototype

We develop a preliminary visualization of what the mobile app would look like. This helps to generate an idea of the appearance and feel of the app, and we examine the users' reactions to the UI and UX designs.

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4. Development

Our team of experts in Native, Hybrid, and Cross-Platform app development, using languages such as Swift, Kotlin, PhoneGap, Ionic, Xamarin, and more to produce high-quality mobile apps for the various operating systems.

5. Quality Assurance

We have a team of developers who carefully test every app to ensure that they provide an excellent user experience and meet the requirements of our clients. Apps developed by our development team are bug-free because they perform through a series of experiments before deployment.

6. Deployment

We follow the best practices when deploying our apps on different app stores, where they can be easily noticeable to considered users.

7. Support & Maintenance

All digital solutions need development. The deployment of an app is not the ultimate stage. Even Post-deployment, we work with our clients to offer maintenance and support.

Process We Follow

1. Requirement Gathering

We follow the first and foremost priority of gathering requirements, resources, and information to begin our project.

2. UI/UX Design

We create catchy and charming designs with the latest tools of designing to make it a best user-friendly experience.

3. Prototype

After designing, you will get your prototype, which will be sent ahead for the development process for the product.

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4. Development

Development of mobile application/ web/blockchain started using latest tools and technology with transparency.

5. Quality Assurance

Hyperlink values quality and provides 100% bug free application with no compromisation in it.

6. Deployment

After trial and following all processes, your app is ready to launch on the App store or Play Store.

7. Support & Maintenance

Our company offers you all support and the team is always ready to answer every query after deployment.

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